Actuarial Science

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About the

B.sc in Actuarial science is the discipline that applies mathematical and statistical methods toassess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations. Actuarial science includes a number of interrelating subjects, including probability,mathematics, statistics, finance, economics, financial economics, and computer programming. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the union of stochasticactuarial models with modern financial theory (Frees 1990). Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands, and stress.

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